BANKRUPTCY ACT 1966

PART II - ADMINISTRATION  

Division 2 - Common Investment Fund  

SECTION 20E   BORROWING FOR THE COMMON FUND  

20E(1)  


Where the Official Trustee is of the opinion:


(a) that moneys in the Common Fund deposited in accounts at call with an ADI or ADIs are likely to be insufficient to meet payments that under this Act are to be made out of moneys in the Common Fund; and


(b) that it would be undesirable to convert into money investments made under section 20D for the purpose of enabling those payments to be so made;

the Official Trustee may apply to the Finance Minister to borrow from the Commonwealth under this section moneys not exceeding such amount as is specified in the instrument.

20E(2)  


The Finance Minister may, on behalf of the Commonwealth, lend to the Official Trustee, on such terms and conditions as he or she determines, moneys that the Official Trustee has applied under subsection (1) to borrow.

20E(3)  
Moneys borrowed by the Official Trustee from the Commonwealth under this section shall be paid into the Common Fund.

20E(4)  
Interest is not payable on moneys lent to the Official Trustee by the Commonwealth under this section.

20E(5)  
Moneys lent to the Official Trustee by the Commonwealth under this section shall be paid out of moneys available under an appropriation made by the Parliament.




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